Equated Monthly Installment (EMI),
How Do You Define Equated Monthly Installment (EMI)?
You can define Equated Monthly Installment (EMI) as, Equivalent Monthly Payment (EMI) is a fixed amount paid by a lender on a specific date in each calendar month. The same monthly payments are used to pay interest and principal each month, making the loan fully repayable over many years. For general types of loans such as home loans, auto loans and student loans, the borrower pays a regular fixed amount to the lender over a number of years in order to be attracted to the loan.
- Monthly Equivalent Payment (EMI) is a recurring payment made by a lender to a lender on a specific date each month.
- Through IMEs, lenders can better determine how much they owe on their loans each month.
- EMI can be calculated in two ways: flat method or reduction balance method.
Literal Meanings of Equated Monthly Installment (EMI)
Meanings of Equated:
Think of (one thing) as equal to or equal to another.
Sentences of Equated
Users match their names to the standard
Synonyms of Equated
regard as identical to, regard as the same as
Meanings of Monthly:
Completed, ready or done once a month.
Once a month, every month, every month.
Monthly which is published once a month.
Sentences of Monthly
The Board of Directors meets monthly
Most of us get paid monthly
Monthly Anglo-American Magazine with always international appeal
Synonyms of Monthly
register, compendium, volume, almanac, hardback, yearbook, treatise, work, book, tome, manual, paperback, title, opus
Meanings of Installment:
An amount is one of several equivalent payments for something spread over an agreed period.
Any part of anything that is regularly posted, broadcast or published.
The process of installing something.
Sentences of Installment
The first payment of housing assistance
Record the last part of your Vietnam Trinity
Payments begin early next year
Synonyms of Installment
section, part, part payment, division, segment, portion, partial payment, bit